DETF means Decentralized ETF
Pick the
basket shape.
A DETF is one token for a basket. The type is the shape of that basket. Bond, mint, and burn stay the same. Pick the type that matches the vaults you want.
Start here
Start with the basket
IndexedEx is a strategy protocol. A DETF (Decentralized ETF) is how you deploy your own strategy as one token. The type is not a second product. It is the shape of the basket that token sits over.
Start from what you want in the basket. Do not start from a package name.
Every type
What stays the same
Every type is the same DETF pattern. The token is a claim on a share of the managed reserve. It also sits in market liquidity, which is how that reserve is managed.
Create the DETF, then bond to turn it on. Later you mint, hold, or burn.
Policy can pause mint and burn near a target price. Open never does. Fees can still apply.
Creating a DETF issues an unredeemable bond that collects a cut of DETF minted to bond holders, including Policy expansion.
A bad setup means a new DETF. The design does not get rewritten after it goes live.
Building blocks
What sits in the basket
Basket legs are usually vault shares. You deposit into a vault, receive a vault share, and redeem later. Those vaults wrap a market, a lending book, or another protocol. That is how a DETF reaches other venues.
Earn vaults are building blocks. They are not the strategy product. Venue names you see in diagrams are examples, not a closed list. How vault shares are marked: /research/rate-providers.
The four types
Match the type to the basket.
Simplest
One vault
The reserve holds the DETF token and exactly one vault share. Use this when one working position in another protocol is the whole strategy.
- Mint and burn move between that vault share and the DETF token.
- A common starting mix is more DETF than vault share. You can set the mix when you create it.
- The first successful bond turns it on.
- Skip this type if you need several vaults or one shared cash token.
Fixed mix
Several vaults, fixed weights
The reserve holds the DETF token plus several vault shares. Each vault keeps its own weight and its own value. Use this when the vaults are different products and should stay separate legs.
- You pick the weights at create time. They stay put.
- Mint and burn use the vault shares you configured. Deposit into a vault first if you hold the underlying.
- After the reserve is set up, the first bond turns it on.
- Skip this type if the vaults are alike and should share one cash token, or if they should be grouped rather than listed by weight.
Like-kind
Several similar vaults, grouped
Several like-kind vaults sit in two grouped pools. One group marks each vault on its own. The other marks them against one shared target. Those two groups sit next to the DETF token. You still hold one DETF token.
- Use this when similar vaults should compose as one structure, not as a flat weighted list.
- The DETF token lives only next to the two groups, not inside each vault group.
- How those marks work is the rate-provider choice: /research/rate-providers.
- This is not the one-cash-token design below.
Cash family
One cash token plus vaults
The reserve holds the DETF token, exactly one cash token, and vaults that all take and give that cash. Use this when the strategy is a cash family: several vaults processing the same asset.
- Mint with the cash token or with a vault share.
- Burn returns the cash token only.
- The first bond can turn it on. You put in cash or a vault share. Matching DETF is minted into the reserve.
- Skip this type if the vaults are different assets that need their own weights, or if you want the grouped design above.
How they look
The reserve for each type.
One vault
Composition
One vault
Reserve: DETF token plus one vault share
DETF token
The DETF token in the reserve
Default ~80%
Vault share
Exactly one vault share
Default ~20%
Earn vault
A building-block vault, not a DETF type. Deposit, receive a vault share, redeem later. The DETF holds that vault share. The other protocol stays behind the vault.
Example integrations
- Uniswap V4
- Euler
You hold the DETF token. The other reserve leg is one vault share from a vault that wraps another protocol. Mint and burn move between that vault share and the DETF token.
Several vaults, fixed weights
Composition
Several vaults, fixed weights
Reserve: DETF token plus up to 7 vault shares
DETF
self
Vault 1
vault share
Vault 2
vault share
Vault 3
vault share
Vault 4
open
Vault 5
open
Vault 6
open
Vault 7
open
You hold the DETF token. The reserve holds that token plus one to seven vault shares, each with a set weight. Filled slots are an example. Dimmed slots are open capacity. Weights in the bar are only an example.
Several similar vaults, grouped
Composition
Several similar vaults, grouped
Reserve: DETF token plus two grouped pools
DETF token
in the reserve
Own-mark group
each vault marked on its own
Shared-mark group
one shared target
Grouped pools. Each lists the vault shares it holds.
Own-mark pool
Each vault marked on its own
Vault 1
vault share
Vault 2
vault share
Vault 3
vault share
Vault 4
vault share
Shared-mark pool
One shared target for every vault
Vault 1
vault share
Vault 2
vault share
Vault 3
vault share
Vault 4
vault share
Rate providers: each vault, two marks
RP 1S
→ own-mark
marks vault 1
RP 2S
→ own-mark
marks vault 2
RP 3S
→ own-mark
marks vault 3
RP 4S
→ own-mark
marks vault 4
RP 1C
→ shared-mark
marks vault 1
RP 2C
→ shared-mark
marks vault 2
RP 3C
→ shared-mark
marks vault 3
RP 4C
→ shared-mark
marks vault 4
Independent vaults, not one grouped set
Vault 1
Independent vault
marked two ways
Vault 2
Independent vault
marked two ways
Vault 3
Independent vault
marked two ways
Vault 4
Independent vault
marked two ways
You hold the DETF token. It sits next to two grouped pools of the same vaults. One group marks each vault on its own. The other marks them against one shared target. This is not the one-cash-token design.
One cash token plus vaults
Composition
One cash token plus vaults
Reserve: DETF token, one cash token, and vaults
DETF
unpaired self
Cash token
shared cash
exactly one · burn returns this
Vault 1
vault share
Vault 2
vault share
Vault 3
open
Independent vaults (1–3). Each takes and gives the cash token.
Vault 1
cash in / out
Vault 2
cash in / out
Vault 3
open capacity
You hold the DETF token. The reserve holds that token, exactly one cash token, and one to three vaults that all take and give that cash. Mint with cash or a vault share. Burn returns the cash token only.
Decide
How to choose
One working position in another protocol? One vault.
Several different vaults that should keep their own weights? Several vaults, fixed weights.
Several similar vaults that should compose as one structure? Several similar vaults, grouped.
Several vaults on one cash token, and you want to burn back to that cash? One cash token plus vaults.
Unsure how vault shares should be marked? Read /research/rate-providers after you pick the shape.
Need the mint versus bond pick? That is the same on every type: /research/bond-vs-mint.
FAQ
Quick answers
Is a type a different product? No. Every type is a DETF: one token over a basket. The type only changes the basket shape.
Do I pick a package name? No. Pick the basket. Package names stay in engineer docs.
What is a vault share? A claim on a vault that wraps another protocol. Deposit, receive a vault share, redeem later. Earn lists those vaults.
Does the type change mint or bond? No. Those steps stay the same. Inputs can change with the basket.
Does the creator still get a bond? Yes. Creating any DETF issues an unredeemable bond that collects a cut of minted DETF, including Policy expansion.
Is Protocol DETF a fifth type? No. It uses the same design so you can take part in protocol fees. Home: /staking.
Where next? How DETFs work: /research/detf. Mint or bond: /research/bond-vs-mint. Marking vault shares: /research/rate-providers. Create: /create.
Disclaimersexpand
- No type is a registered securities ETF or fund share.
- Type choice does not guarantee a peg, yield, or market depth.
- What you can create on a given network depends on what is deployed. This note is the design map, not a live catalog.
- Deploy package names in code are not customer titles.
- The creator bond cannot be redeemed for principal. Accrued DETF amounts are not guaranteed.
Research notes are educational. Smart contracts and markets involve risk of loss. Not investment, legal, or tax advice.